There’s a significant transfer of wealth about to take place. According to Fiducient Advisors, $84 trillion will move from baby boomers, and of that amount $72 trillion will go directly to heirs. And according to Mass Mutual, about 24 percent of this wealth will be tied to real estate.
Although real estate appears to be a great way to pass on wealth, it presents challenges for some heirs. For example, according to LegalZoom, 42 percent of younger Americans say they wouldn’t feel financially prepared to keep and maintain real estate.
Americans Concerned About Real Estate Inheritance
Although attractive on the surface, many Americans aren’t prepared to maintain real estate. Top concerns, according to LegalZoom, include:- Property taxes (20 percent)
- Maintenance costs (20 percent)
- Existing debt tied to property (12 percent)
- Legal complexities (11 percent)
